India's aluminium scrap market showing mixed trends with moderate transactions

The landscape of India's imported aluminium scrap market showcased a blend of trends this week, with nuances across different regional sectors. The infusion of offers remained constrained, predominantly attributed to the roller-coaster ride in the future, a factor that played into the reduction of buying inquiries. Consequently, transactions were in a state of moderation, primarily concentrated within specific geographic pockets.

The subdued demeanour of the metal futures platform cast a shadow over the enthusiasm of market participants. Nevertheless, a subtle revival in the futures arena has begun to make its presence felt in recent times, potentially casting its influence over both the ebbs and flows of trading volumes and the trajectory of price trends.

The global aluminium arena recently bore witness to undulations, giving rise to a mismatch between bids and offers in the market.

Simultaneously, the worth of US-origin aluminium talks endured a $20 per tonne decline week-on-week, culminating at $4,420 CIF on the West coast of India. The residual spectrum of US-origin scrap experienced a dip ranging from $20 to $25 per tonne on a week-on-week basis. However, the landscape for UK-origin wheel prices witnessed a marginal uptick of $5 per tonne, whereas the Middle East-origin taint tabor segment underwent a downward slide of $65 per tonne on a week-on-week basis.

The landscape of the domestic scrap market

While the fortunes of futures embarked on an upward trajectory, the domestic market for aluminium scrap within India held steadfast in maintaining its equilibrium. However, buyers are presently embracing a circumspect stance, displaying a preference for conservative purchases manifested through smaller quantities. It's worth noting that the values associated with tense scrap settled at INR 154,000 per tonne, while utensil prices found their zenith at INR 168,000 per tonne, both quoted ex-works in Delhi (exclusive of GST).

In addition, sources with a proven track record alluded to the scarcity besieging domestic scrap materials.

Rise in China's silicon price

China's silicon prices witnessed an ascent, reaching $1,890 per tonne CIF at Mundra, a notable increment of $70 per tonne on a week-on-week basis.

Recent trade transactions

Last week, India bought 100 tonnes of aluminium Zorba 95/3 tense from the UK for $1,780 per tonne. Recently, 2 containers of aluminium talk were sold from Kuwait to Mundra for $4,250 per tonne. Also, a deal was made for UAE-origin wheel scrap at $2,200 per tonne on the West Coast. Additionally, 2 containers of aluminium talk scrap from Malaysia were traded at $4,450 per tonne to Mundra.

The trajectory of the aluminium scrap market remains uncertain as it goes up and down because of big future predictions and a lack of confidence in how much people want to buy and how much is available.

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Received under the content exchange agreement with SteelMint